Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.
It has been a tense week with plenty of extreme price falls and scary developments across the market. Last week all cryptocurrencies, with a few exceptions, dropped double digits in percent and many of the top 20 assets reached yearly record lows. By Monday morning it seemed like the market had stabilized somewhat, but we are definitely still in choppy water. Where the market is going to take us this week is still unclear, but there have been a few positive developments that occurred during Easter weekend that could potentially help us back on track.
LitePay, the payment processor designed for Litecoin, has officially shut down after less than two months in business. Apparently, the CEO has burned through cash at an unprecedented level and many of the major collaborations that LitePay was relying on have failed. For example, LitePay was supposed to offer Litecoin Visa cards to their clients, something Visa has put a stop to. Charlie Lee, the founder of Litecoin, has apologized for over-hyping LitePay.
Bitcoin fell under $7,000 late last week marking a new record low over the past few months. The king of cryptocurrencies has since managed to recover slightly but is still fluctuating around low $7,000. Investors are hoping this was the bottom and that BTC is about to turn but nothing is sure yet.
Ethereum fell under $400 at the same time as Bitcoin dropped under $7,000. However, unlike BTC, ETH has not managed to recover and is still selling for $390. Naturally, this is an issue for investors but ETH also affects most ICOs since they are sold using ETH which means that the ICO market that’s already struggling is having an unusually hard time right now.
April Fools went by with several fake cryptocurrency stories going viral. For example, CoinMarketCap.com added a Lambo price reference showing you exactly how many Lambos each currency is worth. Another joke was done by a group of developers that announced a fake Facebook Coin that would be used to collect all your private data, making fun of the latest Facebook scandal.
The cryptocurrency exchange Huobi has officially gone live in South Korea. Huobi is considered the second largest cryptocurrency exchange in the world based on total trading volume and it’s second only to Binance. The opening of the exchange in Korea will probably help further grow one of the largest markets in the world.
VeChain is doing great compared to most other cryptocurrencies. No one can have missed how much the cryptocurrency market has struggled over the past few months. A majority of coins have experienced nightmare price drops as well as other issues but in this chaos, one asset is thriving. The blockchain and cryptocurrency called VeChain has done exceptionally well over the past few months mostly based on the fact that VeChain offers a practical solution to an issue. In other words, VeChain was not only designed to be another margin traded asset. Read more about VeChain.
Santander and Ripple are working on creating an online payment app based on blockchain technology. The collaboration will make Santander the first commercial bank in the world to offer international payments using blockchain technology. News about the project was not enough to help XRP bounce back.
Tron finally launched its testnet. The Tron testnet is a major part of the future development of Tron and it will help reshape how the cryptocurrency is used. Shortly after the testnet went live, Tron experienced a highly anticipated price boost.
For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets.